A Global survey conducted by McKinsey which revolved around the theme “Impact of artificial intelligence” concluded that adoption of artificial intelligence would generate revenues that are double the amount generated presently. As such, there is a high probability that companies would invest highly in artificial intelligence in the coming years. In the face of the present pandemic, various Global companies are slowly getting acquainted with new devices and systems by imparting artificial intelligence courses online. This is primarily serving two important benefits. Firstly, this is helping to bridge the skill gap between employees and the new technologies so that future investment in AI can follow up as soon as possible. Secondly, this is helping the companies in capturing great value from AI technologies and providing new functions and functionalities.
The impact factor and adoption rate of AI
The impact factor of AI has been very high and the adoption rate has been tremendous. The latest research in artificial intelligence shows that organizations are capitalizing on AI technologies to generate revenue on a large scale. To put this in numbers, a survey by McKinsey points out that more than two-thirds of the organizations have adopted the functionalities of artificial intelligence in one form or the other. The survey shows that the adoption of artificial intelligence has been the highest in countries of North America and Europe. It has been moderate in the Latin American countries and it has been least in the African countries. When we look at the adoption rate of artificial intelligence in terms of industry, we find that the adoption rate has been maximum for the telecom sector. It has been moderate for the financial sector and it has been the least for the manufacturing sector.
Let us now look at the various use cases of artificial intelligence in terms of product development, service operations, marketing, manufacturing, human resources, supply chain, and management. The adoption of novel artificial intelligence-based products increased by more than 25% in the year 2020. The adoption of artificial intelligence-based products also increased the field in the manufacturing sector by more than 38 % in the year 2020. It also led to a decrease in maintenance costs by about 20% in the manufacturing industry. It led to the optimization of service-based operations and an increase in the management capabilities in this sector. Another major achievement was the increase in performance and management related to human resources. In the marketing and sales sector, customer analytics, customer segmentation, and customer personalization all witnessed major advances. Finally, in supply chain management, the entire network of logistics and inventory management became streamlined with the help of artificial intelligence services.
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One of the major technology related to artificial intelligence that profoundly impacted industries is Deep learning. With the adoption of deep learning and neural networks, the systems employed by industries showed improved results. This is especially important for the telecommunication sector where deep learning was employed for comprehension of semantics by chatbots. This led to a better and faster customer grievance redressal mechanism with embedded deep learning capabilities.
Commitment to AI
The commitment that companies have shown towards artificial Intelligence can best be analyzed when we look at the performance rate. The better growth rate of companies that have adopted AI as compared to those that haven’t is an indication that companies committed to AI will invest more in this technology and consequently reap greater benefits. Another important finding has been the response of the overall leadership to artificial intelligence technologies. It has been observed that the leaders at the helm of the affairs have played a greater role in AI adoption for their respective enterprises. Consequently, they have benefited from the knowledge of AI in terms of better performance and efficacy of the hi-tech systems. This has not only culminated in the standardization of the practices related to artificial intelligence but has also led to do more talent acquisition and development of AI models. This has directly or indirectly affected the positive feedback and led to greater business activity in various clusters and subsidiaries of such companies.
Concluding remarks
It has been observed that the companies that have a strategy towards the prioritization of AI have performed better as compared to their counterparts. This trend is important in the coming times as more companies are looking forward to an extensive range of AI systems and products to develop a full-fledged digital ecosystem.